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Diesel Prices in Lucknow

Lucknow is the capital city of Uttar Pradesh. It is the biggest city in the state by population and industrial production. Like other cities, the consumption of diesel in the city is increasing. Have you observed the latest trend in diesel prices in Lucknow? Have they increased or diminished? Let’s consider the last four months of the current fiscal year (2017-2018) to make a comparative study.

In March, diesel rates were steady throughout the month. They were up by 2.47%, 3.26% and 2.41% in September, August and July. The highest price was Rs.59.95 in September. In August, it was Rs.58.36. In July, it was Rs.56.39. On the other hand, in September, the lowest rate was Rs.58.43. In August, it was Rs.56.46. In July, it was Rs.55.03. In October, diesel rates in Lucknow have fallen over Rs.2 per litre because of the reduction in the excise duty by the central government.

How are Diesel Prices Revised in Lucknow?

In Lucknow, the daily revision system is currently being practiced by all state-run oil marketing companies such as Indian Oil, Shell Oil, Hindustan Petroleum and Bharat Petroleum, who have left the 15-year old practice of revising fuel prices twice a month. The daily revision is also called dynamic fuel pricing. The new practice is in use since 16 June 2017.

As per the new system, all diesel bunks whether automated or non-automated will revise the rate of diesel at 06:00 a.m. every day. Dynamic fuel pricing will make sure that the advantage of even the lowest change in overseas crude oil rates can be immediately transmitted to end consumers and dealers. Furthermore, the initiative is said to eliminate big jumps in prices.

What is the average Price of Diesel in Lucknow Compared to other Cities?

The average price of diesel in Lucknow as on the latest date was Rs.58.28. In New Delhi, it was Rs.56.96. The difference between the two cities was Rs.1.32. The average price of diesel in Mumbai was Rs.59.70 and in Kolkata, it was Rs.59.62. The difference between these two cities was Rs.0.08

How are Diesel Prices in Lucknow Assessed?

The components of the price structure of diesel in Lucknow can be grouped into three categories, which include 1) the cost of production and supplying diesel to end users, 2) the operating expenses of retail outlets and 3) state and central levies. The cost of production includes distribution, refining, processing and procurement expenses such as cost of crude oil, refinery transfer price, distribution and marketing expenses.

Retail outlets of diesel can be operated and owned by refinery themselves or by independent entities that buy diesel from distributors or refineries. Operating expenses of retail outlets rely on several considerations such as local market conditions, the location of retail outlets and the marketing strategy of retail station owners.

Diesel is taxed by both the central and state governments. Over the last three years, the central excise duty on diesel increased by more than 4 times to Rs.17.33 per litre from Rs.3.56 per litre. The state VAT levied on diesel will differ from one state to another. There is no fixed VAT on diesel in Uttar Pradesh since the state government delinked diesel rate variations to protect its revenue share at a constant rate.

In a nutshell, the retail price of diesel in the city of Lucknow replicates the expenses incurred by each division of supply chain comprising distributors, diesel bunk owners, marketers and refiners. The relative portion of the various elements in the retail pump price of diesel fluctuates with time and also fluctuates across different localities.

What are the Influencers of Diesel Prices in Lucknow?

Diesel prices in Lucknow are impacted by the following factors:

Supply and demand of crude oil

The global demand and supply of crude oil influence the cost of crude oil, which is one of the most important elements in the final price of diesel. Due to interruptions in crude oil supply, the last few years witnessed an unparalleled hike in crude oil prices globally.

Disparities in demand and supply

Diesel is basically a transportation fuel. Glitches at refineries or insufficient and delayed imports lead to unanticipated interruptions in the supply of diesel. The gap between the demand and supply of the fuel leads to variations in retail selling prices.

Seasonal variations

Diesel prices will fall a bit during the summer, increase during the fall and surge during early spring. As the consumption of gasoline increases during the summer, the demand for diesel dips. The lower the demand for diesel, the lower will be the price.

Geographical variations

Diesel outlets that are farthest from distribution and refinery terminals have more diesel prices to account for the expenses incurred in shipping the fuel. Local market situations such as traffic patterns, the number of retail diesel bunks or outlets and state fees affect the retail selling of diesel.

VAT and the Central Excise Duty

The state VAT on diesel is fixed by state governments whereas the central excise duty is fixed by the central government. Any variations in these two tax components will equally impact the retail selling price of diesel.

Exchange Rate

The central bank of India determines the value of the USD against the local currency. The exchange rate is impacted by many factors such as interest rates, inflation rates, import and export patterns and the overall public debt of India and the US. The cost of crude oil will vary based on the exchange rate.

GST and Diesel Prices in Lucknow

The Goods and Services Tax (GST) is a value-added tax imposed on all types of goods and services sold for indigenous consumption. GST is paid by end consumers, but it is paid by merchandisers to the government. In effect, GST is a major source of revenue for the government. GST has no impact on diesel prices in Lucknow since diesel has not been brought under the regime of GST. If GST is imposed on diesel, the current diesel price in Lucknow slashes by 20-30%.

*Disclaimer: BankBazaar makes no guarantee or warranty on the accuracy of the data provided on this page, the prevailing prices are susceptible to change and provided on an as-is basis. We accept no liability for any loss arising from the use of the data contained on this website.

News About Diesel Price In Lucknow Today

Diesel price continue to remain constant across the country

With Oil Marketing Companies (OMCs) refraining from changing the rates of diesel, the prices have remained constant for more than 25 days now. Following Sunday’s revision, diesel prices saw no change and was retailed for Rs.69.29 in the national capital. In the other three metropolitan cities i.e., Mumbai, Kolkata, and Chennai a litre was retailed for Rs.66.21, Rs.65.62, and Rs.65.71 respectively. In non-metropolitan cities like Noida and Gurugram, a litre was retailed for Rs.62.96 and Rs.62.08. It must be noted here that the rates of diesel were the cheapest in the national capital among all metropolitan cities and most state capitals due to lower taxes.

In the global market, Brent crude prices increased by around 4 percent on Friday due to expectations that top producers will soon sign a deal to cut production due to weak demand because of the coronavirus pandemic. It must be noted here that on Friday, energy ministers of G-20 decided to rebalance global oil markets as global demand for oil has slumped by 30 percent since countries started imposing lockdowns because of the pandemic.

In India, the rates of fuel are revised as per the dynamic pricing scheme which was adopted in June 2017. As per the mechanism, the rates are dependent on international oil prices on a 15-day average and the rupee – US dollar exchange rate.

12 April 2020

Diesel prices in the country slashed by 4-5 paise

On Thursday, the rates of diesel were slashed by 4-5 paise per litre across the country. This was the seventh successive day when the prices were cut by state-owned Oil Marketing Companies (OMCs). Following the revision in the prices, a litre of diesel cost Rs.64.82 in Delhi, Rs.67.98 in Mumbai, Rs.67.15 in Kolkata, and Rs.68.45 in Chennai. In non-metropolitan cities like Noida and Gurugram, a litre of diesel was retailed for Rs.65.12 and Rs.64.23 respectively. It must be noted here that in the last 11 days diesel prices have dropped by Rs.1.40 per litre in the national capital.

On Wednesday, crude oil prices were trading higher due to expectations that producers may enact significant output reductions to counterbalance the fall in demand due to the outbreak of coronavirus in China. Brent crude futures were up by 17 cents while US West Texas Intermediate (WTI) futures were up by 29 cents. Both the fuels were trading at $55.96 and $51.46 per barrel.

With India importing almost 80 percent of the total crude requirement, the rates are fuel are revised as per the dynamic pricing scheme. As per the mechanism, the rates are dependent on international oil prices on a 15-day average and the rupee-dollar exchange rate. On Wednesday, the Indian rupee dropped by 5 paise to close at 71.33 against the US dollar.

13 February 2020

Diesel prices cut by 22-24 paise across the metropolitan cities

Diesel prices in the country were cut by state-owned Oil Marketing Companies (OMCs) on Thursday. The rates were slashed by 22-24 paise across the four metropolitan cities. Following the reduction in the prices, a litre of diesel was retailed for Rs.66.36 in the national capital. In the other three metropolitan cities i.e., Mumbai, Kolkata, and Chennai a litre cost Rs.69.56, Rs.68.72, and Rs.70.09 respectively. It must be noted here that the rates of diesel have declined by Rs.2.70 per litre since January 12 in the national capital. In non-metropolitan cities like Noida and Gurugram, a litre of diesel was retailed for Rs.66.62 and Rs.65.58 per litre.

The futures of Brent crude and US West Texas Intermediate (WTI) crude were down in the international oil market on Thursday. The prices fell amid concerns over the mounting death toll from coronavirus and more flights to China’s major cities getting suspended. Brent crude and US WTI crude were trading at $59.97 and $53.07 per barrel.

OMCs revise the prices of fuel in the country as per the dynamic pricing scheme which was adopted in June 2017. As per the mechanism, the rates are dependent on international oil prices on a 15-day average and the rupee-US dollar exchange rate.

30 January 2020

Diesel prices hiked for the second consecutive day

State-run Oil Marketing Companies (OMCs) on Friday hiked diesel prices for the second consecutive day on Friday. The rates were increased by 15 -16 paise per litre. In the national capital, a litre of diesel cost Rs.66.34 after the prices were hiked by 15 paise. In the commercial capital, the rates were hiked by 16 paise per litre and was retailed for Rs.69.43. In the other two metropolitan cities i.e., Kolkata and Chennai the rates were increased by 15 and 16 paise respectively to be sold for Rs.68.60 and Rs.69.97 per litre. The rates of diesel were the cheapest in the national capital among all metropolitan cities and state capitals due to lower taxes. In non-metropolitan cities like Noida and Gurugram, OMCs hiked the prices by 15 and 13 paise per litre and cost Rs.66.65 and Rs.65.61 respectively.

In India, the rates of fuel are dependent on international oil prices on a 15-day average and the value of rupee against the US dollar. This is because OMCs revise the prices as per the dynamic pricing scheme given the fact that 80% of the total crude requirements is imported.

20 December 2019

Diesel prices cut by 15-16 paise per litre

On Friday, the prices of diesel were reduced by 15-16 paise per litre on Friday. Oil Marketing Companies (OMCs) following the daily revision on Friday charged Rs.66.60 for a litre in the national capital. In Mumbai, the commercial capital consumers were required to shell out Rs.69.81 for a litre while in Kolkata and Chennai a litre cost Rs.68.96 and Rs.70.35 respectively. In Noida and Gurugram, consumers were charged Rs.66.86 and Rs.65.78 for a litre of diesel. It needs to be mentioned here that the prices were slashed by 6 paise per litre across all the major cities on Thursday.

In the international oil market, the prices saw a hike in the prices after OPEC indicated that it could make deeper cuts in supply. The futures of Brent crude oil were up by 24 cents or 0.4% since the last close and was trading at $59.34 per barrel. The increase in the prices was also accounted to hopes of talks between Washington and Beijing in order to end the trade war.

In India, the rates of diesel are revised daily as per the dynamic pricing scheme which was adopted by Oil Marketing Companies (OMCs) in June 2017. As per the mechanism, the rates are dependent on international oil prices and the rupee – US dollar exchange rate.

11 October 2019

Every litre of Diesel Cost Rs.65.56 in the National Capital

State-run Oil Marketing Companies (OMCs) on Wednesday decided to keep the rates of diesel unchanged in the country. This was the first time in the last six days that OMCs decided not to reduce the prices of diesel. Following Wednesday’s revision in the prices, every litre of diesel was retailed for Rs.65.56 in New Delhi. In Mumbai, Kolkata, and Chennai consumers were required to shell out Rs.68.76, Rs.67.48, and Rs.69.36 respectively. Since May 31, OMCs have reduced the price of diesel in the four metropolitan cities of the country by 79 – 95 paise per litre. While the rates were reduced by Rs.0.95 in the national capital, in Mumbai, Kolkata, and Chennai, the reduction in the rates were Rs.0.93, Rs.0.79, and Rs.0.95 per litre respectively.

The rates of fuel in the country are dependent on global crude oil rates and the value of rupee against the US dollar. This is because the country imports 80% of the total crude oil requirement. It needs to be mentioned here that the rates of fuel are revised on a daily basis as per the dynamic pricing scheme that was adopted by OMCs in the month of June 2017.

13 June 2019

Petrol Rates Incline by 7 Paise Per Litre Today

State-owned Oil Marketing Companies (OMCs) hiked petrol prices while diesel rates were cut today across major metro cities. Petrol rates were increased by 7 paise per litre while diesel prices were cut by up to 16 paise per litre. Petrol is sold at Rs.72.78 per litre in Delhi, Rs.78.40 per litre in Mumbai, Rs.74.86 per litre in Kolkata and Rs.75.59 per litre in Chennai. Diesel costs Rs.66.91 per litre in Delhi, Rs.70.09 per litre in Mumbai, Rs.68.70 per litre in Kolkata and Rs.70.71 a litre in Chennai. Diesel prices were down by 16 paise a litre in Delhi, Mumbai and Chennai, while in Kolkata it was reduced by 15 paise per litre. Fuel rates are revised daily under the dynamic fuel pricing mechanism which considers the 15-day average price of crude oil along with the rupee-dollar exchange rate. In the international oil market, crude oil prices were mixed today influenced by concerns that a global economic slowdown could impact fuel consumption; however, it was supported by supply cuts led by the OPEC coupled with the US sanctions on Venezuela and Iran. Benchmark Brent crude oil futures were trading at $67.24 per barrel, inclining by 8 cents over its previous close. US West Texas Intermediate (WTI) were trading at $58.43 per barrel, declining by 9 cents compared to its previous settlement.

18 March 2019

Check diesel rates in major cities

Today, diesel is retailing at a price of Rs.64.47 a litre in Delhi, Rs.66.59 a litre in Bangalore, Rs.67.49 a litre in Mumbai, Rs.68.09 a litre in Chennai and Rs.66.24 a litre in Kolkata. Diesel rates have gone up by 2.02 a litre since 7 January. Before that, diesel rates fell to Rs.62.16. International benchmark Brent crude is now retailing at $60 per barrel. Over the last three months, Brent crude dropped by 25%. Yesterday, oil prices were down by 2%.

16 January 2019

Petrol Being Sold at Rs.100 per litre in Madhya Pradesh

In some sections of Madhya Pradesh, petrol is being sold at Rs.100 per litre - which is at least 15% to 20% higher than in other parts of the country. There are over 3,200 petrol pumps in the state of and the number is far too low to cater to the 70 million people that the state holds. This is leading to petrol being sold at Rs.100 to Rs.110 per litre in some rural and tourist regions of the state.

The central government had announced a Rs.2.50 per litre drop in fuel prices two weeks ago, however, that has failed to have little effect on conditions in the state. And the continuous rises are beginning to burn a hole in the common man’s pocket.

When asked, a person from a village said that, he buys fuel for Rs.100 per litre from a local seller, because the nearest fuel pump for him is close to 17 km away. The fuel that some people here buy is stored in a drum and is being sold at a higher premium, despite adding a number of additives such as kerosene and the like.

23 October 2018

Petrol and Diesel Prices Hiked After a Day’s Lull

State-owned Oil Marketing Companies increased petrol and diesel prices on Thursday after a day’s lull. In Delhi, petrol is being sold at Rs.81 per litre, while diesel is available at Rs.73.08 a litre. The petrol price has been hiked by 13 paise a litre, while the diesel price witnessed an increase of 11 paise per litre. The hike in fuel prices was in accordance with the rise in the global crude oil price and the currency exchange rate of the rupee over the US dollar. Fuel rates in the nation’s capital are the lowest among the four major metro cities in the country because of its lower tax or VAT. In Mumbai, fuel prices were revised as well with petrol being sold at Rs.88.39 per litre, while diesel costs Rs.77.58. Prices in Mumbai are the highest due to its higher local tax or VAT. Currently, the Centre levies excise duty of Rs.19.48 per litre on petrol, while diesel attracts Rs.15.33. Excluding the taxes applicable on sale of fuel in the country, the refinery gate price of petrol stands at Rs.40.49 per litre, while that of diesel is Rs.44.32 a litre. Petrol and diesel rates are revised every day under the ‘Dynamic Fuel Pricing’ mechanism. Oil companies include the preceding day’s crude oil price and the exchange rate of the rupee over the US dollar to arrive at the final selling price of both petrol and diesel.

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